Geoconstruction Division revenues increased in Q4 FY2013 and FY2013, reflecting the inclusion of revenues from Diberil of $10.9 million and $31.6 million, respectively; no comparable amounts were recorded in the prior year. Also leading to higher revenues was progress on ground stabilization projects in Washington D.C., Florida, New York and Indiana, offset by reduced revenues from a large dam stabilization project from the prior year that is winding down.Income before income taxes decreased $7.7 million and $12.3 million for Q4 FY2013 and FY2013 compared to the prior year. The decrease for the year includes the above-referenced non-cash loss of $7.7 million. While Geoconstruction has been able to replace the revenues from the dam stabilization project noted above, the margins on these new projects have been less, resulting in decreased operating income. The Division is pursuing significant change orders on several projects, which have not been recognized in contract estimates as they are not yet approved. If successfully approved, they will have a favorable impact in the period in which they are recognized.
|Mineral Exploration Division||Three Months||Twelve Months|
|Ended January 31,||Ended January 31,|
|Revenues||$ 44,328||$ 65,036||$ 246,582||$ 268,909|
|(Loss) income before income taxes||(885)||10,120||45,969||62,259|
|Equity in earnings of affiliates, included in above earnings||1,119||4,438||16,700||21,302|